Lennox International 4Q net income rises 31 pct.

Lennox International posts 31 pct. jump in 4th-qtr net income on higher consumer demand

Associated Press

DALLAS (AP) -- Lennox International Inc. said Tuesday that fourth-quarter net income jumped 31 percent, helped by higher demand in its consumer business.

The Dallas-based maker of heating, ventilation, air conditioning and refrigeration products earned $21.9 million, or 43 cents per share, up from $16.7 million, or 32 cents per share, in the same quarter a year ago.

Excluding losses from discontinued operations and one-time charges, the company posted an adjusted profit from continuing operations of 56 cents per share for the recent quarter.

Revenue rose 6 percent to $684.9 million.

The results beat Wall Street predictions. Analysts, on average, expected a profit of 55 cents per share on $676.4 million in revenue, according to FactSet.

Lennox said sales at its residential business rose 9 percent to $305 million, with higher demand for new home and replacement equipment. Meanwhile, sales that the company's commercial heating and cooling business rose 4 percent to $188 million. Refrigeration sales rose 2 percent to $192 million.

For the full year 2012, Lennox earned $90 million, or $1.75 per share, up from $88.3 million, or $1.65 per share, in 2011. Revenue increased to $2.95 billion from $2.84 billion.

Lennox backed previous 2013 guidance for earnings from continuing operations of $3.15 to $3.55 per share on revenue growth of 2 to 6 percent. Based on the company's 2012 revenue of $2.95 billion, the guidance implies 2013 revenue of $3.01 billion to $3.13 billion.

Analysts expect a profit of $3.39 per share on $3.08 billion in revenue.

Lennox shares rose 65 cents to $58.34 in morning trading.

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